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Loan taken by a company from nbfc treated deposits

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(Querist)
18 April 2014 1) Whether the loan taken by a Company from NBFC treated as deposits?
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The Company Law Desk

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The Company Law Desk (Querist)
18 April 2014 No
Section 73 of the Companies Act, 2013 states that the restrictions of “Acceptance of Deposits” will not be applicable on NBFC.
Also as per Rule 2 (c) of the Acceptance of Deposits Rules, the amount received from recognised Public Financial Institution (which as per RBI guidelines covers NBFC) will not be treated as deposits.
Thus, a Company can take loans from NBFC and no restrictions of this Chapter will prevail.


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The Company Law Desk
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
18 April 2014 if you have queries, please post here. else post in the forum.
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